Abstract:
After the promulgation and implementation of Measures for the Implementation of the Commitment System of Securities and Futures Administrative Law Enforcement Parties, the pilot implementation of the administrative reconciliation system in the capital market ended and the commitment system in administrative law enforcement parties was officially launched. During the implementation of the system, in addition to following system contents and legislative concepts, it is still necessary to be based on clarifying the law enforcement characteristics of parties, and focus on improving law enforcement efficiency and transparency on the premise of market reality. “Flexible law enforcement” of the commitments of the parties, the comprehensiveness of the measures taken, and the nonrecognition of the parties’ illegal behavior make them present unique law enforcement characteristics. In the process of handling cases, the authorities shall focus on promptly compensating investors with commitment funds, supervising the parties to perform their commitments and moderately disclosing law enforcement information. Whether the commitment recognition agreement is an administrative agreement affects which standards should be applied when such disputes are subject to judicial review, and its entry into the judicial review process as an administrative agreement will have a certain impact on administrative law enforcement and supervision.
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